The State Bank of Pakistan (SBP) on Wednesday said that misprinted banknotes, received by the public or commercial banks can be claimed in exchange for fit banknotes from any office of Banking Services Corporation (SBP-BSC) across the country under the State Bank of Pakistan (Note Refund) Regulations, 1963.
A day earlier, a bank branch in Karachi reportedly received a few currency notes of Rs. 1,000, which were misprinted from one side. The branch manager of the bank posted a video of these currency notes that went viral on social media.
In its clarification today, the central bank said that the production processes of such large magnitude are prone to some imperfections. Therefore, there is a possibility that despite all quality checks, certain pieces of misprinted banknotes may end up with banks or the public. However, such banknotes can be exchanged at SBP-BSC counters.
It further highlighted that SBP’s printwork, namely Pakistan Security Printing Corporation (PSPC), has a robust system of quality control to segregate and to prevent the flow of misprinted banknotes into public circulation. Some of the notes are misprinted occasionally but the same are detected through the checks and balances put in place.
However, no matter how robust and effective a manmade system is, it’s still susceptible to a margin of error, whether here or elsewhere including the developed jurisdictions, it added.
SBP said that the instant case involves the discovery of only ten misprinted banknotes in the consignment of NBP’s Model Colony Branch, which is minuscular as to be immaterial when compared with total number of notes that are printed and circulated in the country. However, the internal controls are being further strengthened to avoid the recurrence of such instances in the future.
What a clumsy explanation. The culprits should be punished. The SBP should compensate those going around with these notes seeking their exchange.
@Shahid: Clearly you haven’t really read the entire clarification. There were 10 misprinted notes which was publicised by an employee of NBP to get his 15 likes.
I doubt any of these 10 notes were put into circulation.
Fact remains the notes reached a bank outside the premises of the printing press and hence exposes lapse in quality check.
Can’t decide which is more stupid the blunder or it’s clarification.
And this is how black money is turned white.
I feel the dishonesty on the PAKISTAN PRINTING…… and State Bank Notes screening system for wastage of the paper notes material + labour work + citizens concerne a out who to trust and why ?
Every body is ignorant and responsible for his negligence. Why the government pay them bulk salaries? It’s a shame in the face of such national institution.
Why one should struggle for the exchange when its SBP’s mistake?
What struggle? 10 notes which were never circulated. At least get your facts right.
It is only forged notes that cannot be exchanged – and rightly so.
Hahaha. I have currency notes of 1000. Portrait of Quaid is printed on both sides of notes.
You must it framed & do it auctioned.
May you get much more.
Nobody collects cheap forgeries.
Clearly a forged note.
A collector would gladly keep these notes and sell these for much more in the future.
If they keep this notes and showup in future then he will receive big trouble (as he print himself)
Very pathetic performance by quality department that had no control on scrutiny system. Although 10 notes were found but again a failure of quality Assurance people.
Yes it is obvious and can be happen anywhere. However pointing out is also positive
Manager of NBP tu warr gya
Explanation is simply a joke
Stupid clarification. Instead of accepting their blunder, SBP is trying to justify a wrong happening. Poor response and poor show SBP
They are unable to print quality notes bills. The notes must get printed from abroad.
If it’s human error than SBP regulations authority must issued circular of by mistake if any bank circulate fake note than there is no panelty